Vipul to invest Rs 6,500 cr realty projects

NEW DELHI: Gurgaon-based realty firm Vipul Ltd plans to invest about Rs 6,500 crore in next 3-4 years for developing various residential, commercial, hotel and SEZ products across the country.

"We are working on various real estate projects that would be developed in Delhi NCR, Punjab, Kolkata and Nagpur over the next 3-4 years with an estimated investment of about Rs 6,500 crore," company's Managing Director Punit Beriwala told media.

The company has also got the in-principal approval to develop 150 acre SEZ in Gurgaon and the final approval was expected in another two months, Beriwala said.

Besides, the government has allotted 70 acres of land in Nagpur for developing SEZ, he said, adding the investment in two SEZs would be Rs 3,600 crore including the land cost.

The company has floated a separate SPV to develop SEZs, in which real estate venture fund Solitaire Capital, Singapore and US-based Banyan Tree has picked up 48 per cent stake.

On the source of funding Rs 6,500 crore investment, he said, "We will have to take loans of Rs 1,000-1,500 crore for SEZs, but for other projects, investment would be met through internal accruals, advances from customers."

Giving details about other projects, Beriwala said the company would be developing an integrated township spread over 130 acres in Ludhiana, which would include plots, villas, hotel, commercial space and group housing, in association with Solitaire Capital.

In Gurgaon, the company would be constructing 290 high-end villas spread over 50 acres, while in Amritsar, it would be developing hotel-cum-mall in 2.7 lakh sq ft of area.